NovDiamond Bay Garden — a waterfront condo on Koh Pich, Phnom Penh
This page uses developer renders — the project is under construction and the images are illustrative.
Gallery
Visuals from the project’s materials. The built result and finishes can differ.
Handover checks for the riverfront envelope and drainage
A river-edge high-rise needs more than a cosmetic snagging inspection. In a PropertyGuru project feature, the development team specifically discussed curtain-wall engineering for strong wind loads and the need for robust drainage because of the waterfront site and two basement parking levels. At handover, request as-built records for the façade and drainage, warranty terms for windows, aluminium doors and seals, and the rectification log for any recorded water-ingress cases.
Inside the unit, test window operation and seals, inspect façade junctions for moisture, and check balcony falls and outlets. In common areas, inspect the basement after heavy rain where possible, establish access to pumps and backup power, and identify which party must pay for defects discovered before management is transferred to owners.
Diamond Bay Garden is a premium waterfront condominium on Koh Pich (Diamond Island), at the confluence of three rivers — the Mekong, the Tonle Sap and the Bassac. It is built by OCIC, the master developer of Koh Pich, and the upper ten floors operate as branded residences managed by Somerset by Ascott. The first tower (Tower A) of 591 units is now selling, with completion in 2026. Project materials state that some units on floors 27–37 may participate in a separate GRR programme linked to the Somerset branded residences. This is a developer statement, not a NovAsia forecast or an independent operator guarantee. Before booking, identify the parties to the SPA, management agreement and GRR schedule, who owes the payments, the calculation base and whether the selected unit is included.
Key parameters
| Parameter | Value |
|---|---|
| Type | Waterfront condominium, mixed-use |
| District | Koh Pich (Diamond Island), Tonle Bassac, Khan Chamkarmon |
| Floors / towers | 3 towers of 39 floors (phased construction) |
| Now selling | Tower A — 591 units |
| Areas | studios 45–46 m², 1-bedroom 57 m², 2-bedroom 80–91 m², 3-bedroom 129 m² (net) |
| Entry price | from ~$106,000 (studio, indicative) |
| Management | top 10 floors (27–37) — Somerset by Ascott; 3–26 — DBG |
| Ownership | freehold (strata-title) for a foreigner, transactions in USD |
| Developer | OCIC (Overseas Cambodian Investment Corporation) |
| Tower A completion | 2026 (construction ~80% complete) |
About the property
Diamond Bay Garden is being built by OCIC (Overseas Cambodian Investment Corporation) — one of Cambodia's largest developers and the master developer of the Koh Pich district, which shaped the island's development itself. The project is planned as three 39-floor towers delivered in phases; the first tower, Tower A of 591 units, is now selling. Its key feature is that the upper ten floors (27–37) are managed by the international hospitality brand Somerset by Ascott (part of The Ascott Limited): these floors operate as serviced branded residences. The project won PropertyGuru Cambodia Property Awards 2023 in the best condominium and best waterfront development categories.
Future towers, public areas and protection of the view
Diamond Bay Garden has been presented as a three-phase scheme of about 1,500 residences on a 9,757-square-metre site. A PropertyGuru project feature also reported that the Sky Terrace and Sky Bar above the residential levels were planned to admit members of the public as well as residents. A promised panoramic view should therefore be checked against the orientation of the exact unit, the approved master plan for all phases and the access rules for upper-level public spaces.
Ask for the tower-spacing plan, construction sequence and a written classification of spaces as residential common areas, commercial premises or publicly accessible venues. This helps the buyer assess post-handover construction activity around Tower A, visitor circulation, lift arrangements and the risk that a later phase may alter part of the outlook.
Which contracts govern DBG and Somerset floors
A buyer should separate three roles: the unit seller, the building manager and the operator of the branded residences. The project’s official website assigns the top ten floors to Somerset by Ascott, but the brand reference alone does not identify who receives the purchase money, who owes any GRR payments or who is directly liable to the owner. Before paying a booking fee, obtain the full legal names of every party and review the SPA, management agreement and GRR schedule together.
The documents should use the same unit number, floor, area, programme term, payment currency and timetable, deduction rules, repair obligations, insurance arrangements and owner-access provisions. Confirm separately whether The Ascott Limited is a contracting party, an operator under another agreement or only the brand licensor, because each structure gives the owner a different route for enforcing obligations.
Location — Koh Pich
Koh Pich (Diamond Island) is a master-planned business and residential district in central Phnom Penh, surrounded by three rivers. Diamond Bay Garden sits at the water's edge, next to the Connexion community (cafés, offices, schools, sports clubs and event spaces).
- Shopping & leisure: Central Park and Koh Pich Theatre ~0.5 km, AEON Mall ~1.3 km, NagaWorld ~1.5 km.
- Education: De Montfort University ~850 m, Canadian International School ~1.3 km, French International School ~1.6 km.
- Healthcare: Ucare pharmacy ~0.5 km, Orchid Hospital ~1.5 km.
- Transport: ~5 min to the Independence Monument, ~8 min to the Royal Palace, ~35 min to the new Techo International Airport.
Distances are per developer data and are indicative.
What's nearby
Verifiable landmarks near the project on Koh Pich, per open-map data (OpenStreetMap):
Nearby places are open-map references (OpenStreetMap, checked 05 Jul 2026), without travel time; exact distances and current status are confirmed on site. See the project on the projects map.
Pool with a river view — developer render.
The complex's amenities — developer renders.
Building structure and amenities
Tower A's 39 floors are split into functional zones:
- B1–B2: secure parking (2 floors, 1,378 spaces in total).
- GF–MF: double-height lobby, retail and services.
- Floor 2: fitness centre, yoga studio, sauna and steam room, kids' playground, pools.
- Floors 3–26: residential floors managed by DBG.
- Floors 27–37: Somerset Diamond Bay Garden — branded residences managed by Ascott.
- Floors 38–39: Sky Garden and Sky Lounge.
Layouts and areas
Tower A offers four main unit formats. The areas below are net, per developer data.
| Type | Bedrooms | Area (net) |
|---|---|---|
| Studio | — | 45–46 m² |
| 1-bedroom | 1 | 57 m² |
| 2-bedroom | 2 | 80–91 m² |
| 3-bedroom | 3 | 129 m² |
Areas and unit breakdown are per developer data; the final specification of a particular unit is fixed in the contract.
Fixing the unit area and specification in the SPA
Official project materials show several studio, two-bedroom and three-bedroom variants, while the developer’s website states that information, illustrations, items and finishes may be varied or substituted. A layout label is therefore insufficient: the SPA should attach a signed plan of the selected unit showing its number, orientation, net area and the permitted measurement tolerance.
Use a separate specification schedule for sanitaryware, windows, doors, flooring, kitchen appliances, air-conditioning and fitted furniture. Any wording such as “or equivalent” should include an objective equivalence standard and a buyer-notification procedure; otherwise the brochure render does not become an enforceable delivery obligation.
Prices and payment terms
Indicative prices (per the developer brochure and broker listings). This is not a developer offer — confirm the current price and availability of a specific unit on request.
| Parameter | Value |
|---|---|
| Entry price (studio) | from ~$106,000 |
| Price per m² | ~$1,760–2,100 (indicative) |
| Booking fee | $2,000 (per broker data) |
| Payment structure | 5% on signing the SPA, balance per the developer schedule |
| Discounts / financing | discounts for various payment options; bank loan via Canadia Bank |
By broker data, the developer offers various payment options with discounts and the possibility of bank financing via Canadia Bank. Exact amounts for specific units are in the developer price table (for example, SC-format studios start from around $126,000 without discounts on certain floors).
This calculation is for information only. Prices are indicative, sourced from the developer brochure and broker listings; current terms and unit availability are fixed in the contract.
How the payments work
An indicative payment sequence under the developer's scheme (Tower A completion 2026, ~80% ready). The specific amounts and schedule are fixed in the SPA:
- Booking$2,000 to reserve the unit (per broker data)
- SPA & 5%signing the contract, 5% down payment
- Balanceper the developer schedule; Canadia Bank loan option
- Handover 2026balance on handover; strata title in the buyer's name
- GRR — floors 27–37 onlySomerset, 60% net over 10 years, per contract; optional
Steps 1–4 are the payment for any unit; step 5 (GRR) is a separate Somerset contractual programme, available only for units on floors 27–37. “60% net over 10 years” is a net basis per the OCIC brochure, not gross; the payout amounts, schedule and exit procedure are fixed by the contract. More below.
Guaranteed rental return (GRR)
Units on floors 27–37 are part of the branded residences managed by Somerset by Ascott and participate in the Guaranteed Rental Return programme. The developer brochure states '60% net over 10 years' for selected units on floors 27–37 operated in the Somerset format. This is marketing language for the programme, not a NovAsia forecast or proof that Somerset or The Ascott Limited is the guarantor. In the SPA, management agreement and GRR schedule, check the liable party, net calculation base, payout amounts and timetable, currency, fees and deductions, owner-use rights, repairs and furniture, early exit, resale, operator replacement and late-payment consequences. The specific terms — payout amounts, schedule, fees and exit procedure — are defined by the contract with the developer and confirmed on request.
The GRR figures are per the developer brochure. This is not a guarantee of income from NovAsia and not an offer — the programme terms are fixed by the developer's contract. The GRR is available only for units on floors 27–37 (Somerset).
Yield and risks
Koh Pich is an established central district with developed infrastructure and strong demand from expats, corporate tenants and embassy staff. Open market and broker materials for comparable Koh Pich properties have used a gross-yield indication of around 5–7%. This is not a forecast for Diamond Bay Garden or a current characteristic of a particular unit. Use dated comparable rents and account for vacancy, management, service charges, branded-unit upkeep, repairs, taxes and competition within the complex; the net result may be materially lower (a market benchmark, not a guarantee; net yield is lower after management, maintenance and vacancy costs). In the project's favour are the long track record of developer OCIC and the anchor of hospitality operator Somerset on the upper floors. Factors to weigh: the project is under construction (Tower A completion in 2026, ~80% ready), and the first phase brings a large supply (591 units), which affects competition for tenants. The guaranteed rental return (GRR) is available only for units on floors 27–37 and applies per the developer's contract terms.
Address
Project: Connexion, Koh Pich Street, Sangkat Tonle Bassac, Khan Chamkarmon, Phnom Penh, Cambodia.
Get current prices and available layouts for Diamond Bay Garden. Send us your budget and unit type — I'll send a selection with a calculation and available floors, including the Somerset GRR units.
Get a calculation on TelegramOpen the calculatorFrequently asked questions
How much does a unit in Diamond Bay Garden cost?
By broker indications, studios from ~$106,000; the price per m² in the project is roughly $1,760–2,100. This is indicative, not a developer offer; confirm exact developer prices for specific units and floors on request.
What is the GRR and how much does it give?
Units on floors 27–37 managed by Somerset by Ascott participate in the guaranteed rental return programme. The developer brochure states '60% net over 10 years' for some units on floors 27–37. The payment obligor and all conditions must be checked in the documents being signed; confirm the net basis, timetable, deductions, owner access, early exit and resale. This is not a NovAsia income guarantee.
Who is the developer of Diamond Bay Garden?
The developer is OCIC (Overseas Cambodian Investment Corporation), the master developer of the Koh Pich district. The upper 10 floors are managed by Somerset by Ascott (The Ascott Limited).
Can a foreigner buy a unit here?
Yes, directly under freehold / strata-title (a unit above the ground floor, within the building's foreign quota). Transactions are in US dollars. Read more in the article on strata-title.
Valeria Lezhenina
Head of client support and Cambodia property consultant at NovAsia. She'll clarify your goal and budget, put together a shortlist of available units, calculate a payment plan and check the terms of a specific unit — before the deal, without passing your contact to third parties.
Ask about Diamond Bay Garden →We work with any project in Cambodia
This catalogue is a starting point, not a limit. Our on-the-ground partners can support a deal on any project on the market — including ones not published here. Send a name or a link and we will check the sources, the right and the terms, and compare it with alternatives.
What to check before booking
A short checklist of questions about a specific unit before you place a booking:
- The current price and availability of a specific unit in Tower A (591 units on sale).
- Whether the GRR programme applies to your unit: per the brochure it covers only floors 27–37 (Somerset).
- The GRR wording: the OCIC brochure states "60% net over 10 years" — confirm on what sum and how it's backed.
- The payment schedule (5% on the SPA, 95% within a month) and the terms of the Canadia Bank loan.
- The construction stage (~80% ready), the completion schedule and the full list of costs above the price.
What remains unverified
Honestly, on the limits of our data for this project:
- we record the GRR per the OCIC brochure as "60% net over 10 years, per the developer contract, floors 27–37 only (Somerset)"; brokers state "70% gross" — that's a different basis, and we don't mix gross and net;
- prices are indicative; exact developer prices exist only in the Non-GRR Tower A table; the "from ~$106,000" entry is not an offer;
- the completion date differs: the brochure says 2026, brokers say Q3 2026 — we state both cautiously;
- the price per m² differs ($1,760 vs $2,100) — we give it as a range;
- the availability of GRR units (floors 27–37) is limited and requires confirmation before the deal.
Document availability
What can actually be obtained and checked for the project (on request — through our team and the developer):
| Document | Status |
|---|---|
| OCIC brochure and Non-GRR Tower A price table | available, figures cross-checked |
| Current price list and available units | on request |
| GRR terms (annex, floors 27–37) | on request, before signing |
| SPA contract and bank-loan terms | on request, before signing |
| Title / strata (hard title) | issued after completion (~80% ready) |
A NovAsia check is an editorial cross-check against sources, not a legal opinion on the property. The procedure is described on the "How we check projects" page.
Spotted an inaccuracy in the project data? Write to info@novasia.estate — we'll check it against the source and correct it. How we handle corrections is in the methodology.